The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-02-13
The Virginia State Debt.
To the People Of Virginio .

To the People Of Virginia:
At meeting of Virginia Bondholders, CON
vcncd bV the Council of Foreign EOndholdeist
and held ON Friday, the oath of september,
1856. at the CannOnStrcet Hotel, LONDON,
the following resolutions were passed unanl-
mOusly:
THAT this meeting deplores the long contest
into which the b0udh0lders have been forced
for the maintenance of their rights, anu Whlle
asserting It's stcadfast determination not 10 ac-
cent the RiddlebeFecF settlement. which, in
view of the admitted ability OF Virginia TO SET
tie with her creditors. ANA inc sdcIhccs lhey
have already made on her Dchall, II cOnsldcrs
dishonest and unjust. hereby expresses IT'S
willingness 10 meet the State and entertain a
reasonable compromise based upon the pres
ent taxation and the available revenue aller
providing for the COnstituu0nal appropriation
for government, schools, and other PUBIC eA-
pcnditrc."
The state had the benefit of the whole of the
money she originally borrowed lS3iN0VoW. III
laid the foundation of her roads. railways ana
canals. and has brought milllOh, OF uoildIS
into the country. Had You not cOnsiructed
these public works with the bondh0lders
money YOU would have 10 be taxed now Tor
them.
loved the benefit OF its loans more tnan Nlr-
GINA has done. See senate Document AAlN
Session, 1S17-Ts.l
The present unsettled condition of the debt
is keeping capital and immigration Out OF VIZ
einia and as long as matters so continue You
will never develop the splendid resources OF
the state in the way they deserve.
The revenue of Virginia is increasing Inc
last assessment shows am increase OF c33,UV.
0lO ia taxable values. Your present revenue
might be largely increased IL the taxes were
more carefully collected ana the present as
sessments Oh property equalizer throughout
the State.
What might have been difficult 10 do a few
years ago is easy now, and each year the our
den will become lighter. When the debt ques-
u q onto sfa
now holds aOOf. will flow into the STATE.
The settlement offered by the Dondholders
proposes that the bonds now m Existence Dear
Ing taX-rcccivablc coupons should zoe deposllG9
i'm some trust company; that new bonds should
bp issued in their place, bearing no tdN-rccelN
able coupons. and at low rate OF interest
When the state pays hali-yeaf interest Oh
the new bonds, the taX-recelNdDle coupons Ioi
that half-year shall be cut OF the ola bonds by
the trust company. cancelled, and delivered 10
the State. Any increase on the present IcNe
me will be appropriated by the state, ana
the bOndhOldcrs viii not have any claim on IL.
There was "a cash balance last july IN the
Treasury of S131 600 and the average purchase
of Riddleberger 3's by the state has been al
the rate of 10000 per annum III cash. Inc
State has some millions Of dollars OF assets
which would help her in arranging a settle-
The bondholders are as deeply interested as
Won are i'm maintaining the credit ana prosper
ity of your State They ask for fair hearing
ard 81 discussion of the question 10y business
men, and not by politicians, whose interest II
is 10 prevent an understanding being arrived
at and an honorable compromise made.
The best way Of bringing about TINS settie-
ment is for taxpayers TO tender coupons in
navment of their taxes. In view OF the con
ciliatorv spirit and liberal offer made by the
creditors I venture respectfully 10 submit 10
Won that il is your moral duty, AZ well as your
Local right and privilege, 10 tender coupons for
tsyes now due. JAMES Z. COOPER
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